Links in “Cybersecurity/Data Breaches”

ABA letter to congress points out that when a retailer like Target speaks of its customers having “zero liability” from fraudulent transactions, it is because our nation’s banks are providing that relief, not the retailer that suffered the breach, and that policymakers should be cautious not to embrace any “one” solution that’s being pushed by some as the answer to all concerns. [1/17]

Legislation is expected to be introduced in the Senate that would impose breach reporting and notification requirements on all U.S. businesses without imposing any additional duties on credit unions. Similar legislation is being considered in the House and has the support of both NAFCU and CUNA. [1/15]

NCUA Chair Debbie Matz identifies cyber security threats, interest rate risk, private student loans, and money services business as top examination concerns for 2014. [1/13]

Other areas the agency announces it will focus on in 2014 include cybersecurity threats, money services businesses, and private student lending. [1/13]

Target now says as many as 70 million were affected by its security breach. [1/13]

NAFCU takes a look at what steps a credit union may wish to consider in response to the massive data security breach reported by Target. [1/8]

CUNA is asking credit unions to keep a tally of their costs for replacement cards and for fraudulent charges and report the information to a data collection website that CUNA is developing.  The aftershocks of the breach are continuing to occur.  The FTC is warning consumers that scammers are already sending  out phony Target emails offering help with compromised cards. [12/27]

More fodder for your disaster recovery/business continuity plan: In the aftermath of its massive data security breach, Target sets up special website to communicate with its impacted customers. The move comes in response to reports that customers are being approached by fake communications claiming to be from the company. [12/27]

Target has already been hit with three class action lawsuits and is being questioned by attorneys general in Connecticut, Massachusetts, New York and South Dakota. The breach has called into question the use of magnetic stripes on the back of cards, which is seen as antiquated technology.  Credit union leagues and security experts are urging the industry to adopt chip and pin technology, which is less vulnerable to breaches. [12/26]

As the black market is being flooded with the stolen data, there are measures that credit unions can take to protect themselves and their members. This article summarizes the information resources that are available to assist you with your risk management efforts. [12/24]